I do not understand the clipping layer transparency is the clipping mask. Its pixels are the clipping mask and Alt+click on the layer's visibility icon displays that. If you do not want to see the mask what do you want to see. Alt+Click on the layer being clipped visibility icon will display the Layer with the clipping mask applied.
If the Layer was masked you could Toggle the layer mask and vector layer mask with shift+click on the masks. The I only way I know to toggle a clipping mask is with an Alt+Click on the line between the layers to un-clip and re-clip the layer to the clipping mask layer.